According To New Report Available With Million Insights, “Drill Pipe Industry by 2025” Analyze Competitive Developments And Report Offers An Overview Of The Emerging Trends, Application Scope, Size, Status, Economics, Demand And New Technology In The Market.

The global Drill Pipe Market size is expected to value at USD 1.31 billion by 2025. The drill pipe industry is subject to witness a substantial growth due to the robust growth of oil& gas industry, especially in the North American and the Middle Eastern region. In addition, the development of advanced drilling techniques coupled with high-end productivity are expected to foster market growth in the upcoming years.

However, lowered cost of crude oil and massive slump in the drilling activities are some of the key challenges for market expansion, in the last few years. These factors are also expected to hamper overall productivity and operating profitability of upstream or exploration and production companies across the globe, largely affecting market growth, since last couple of years. Globally, the drill pipe market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest in research and development of the market.

Presence of a large number of independent contractors and local manufacture, particularly in the U.S. and Canada has led to the market expansion in forecast period. In addition, increasing amount of onshore activities and growing demand from upstream or exploration & production companies are estimated to stimulate market growth in the near future. The technological advancements in the oil & gas sector coupled with development of novel techniques to meet the current energy demand are steering the growth of drill pipes industry as well.

However, higher production & installation cost and lack of skilled workforce are expected to negatively affect market progress. Additionally, shifting trend towards adoption of renewable energy sources coupled with numerous laws & regulation by local and international authorities such as Fund for Wild Nature (FWN) to regulate petroleum production is limiting the market growth.

Increasing concerns regarding environmental hazards due to excessive emission of greenhouse gas emission is hindering the market development in the recent years. The equipment rental services segment has also displayed a steady growth rate over the past couple of years. Yet, substantial recovery in the oilfield activities and stabilizing crude oil costs are anticipated to fuel market growth in next five years. Moreover, the new finding of hydrocarbon reserves in the South China Sea and South-East Asia are predicted to offer numerous opportunities for regional manufactures in the upcoming years.

API grade drill pipes is considered as one of the fastest growing segment in the drill pipe market with largest market share in the last few years. Growing popularity of the API grade drill pipes in oil & gas industry is credited to higher approval rate among upstream or exploration & production, standardization of the finished products and declined operational cost. In addition, factors responsible for robust growth of the API grade drill pipes segment include higher market penetration and easy installation. API grade products are mostly suited for standard atmospheric conditions and traditional basins due to their easy availability and lower an ongoing cost for running a product.

The drill pipe industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in oil & gas industry, significant investment by downstream &exploration and production companies, and existence of well-established industrial infrastructure.

Asia-Pacific region is predicted to hold major market share in the drill pipes market with massive growth in forecast period. Countries such as China, Indonesia, Australia and India are leading the Asia-Pacific market with increasing rig activities in the region, development of offshore basins, strong economic growth, large consumer base, and significant investment by leading industry players considering potential growth opportunities.

About Million InsightsMillion Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.